Exide reports that the plan had overwhelming creditor support, and Exide will emerge from Chapter 11 upon completion of necessary closing conditions, including obtaining closing on exit financing. On March 26, the company obtained an amendment to its Debtor-in-Possession (DIP) credit agreement, which extends the DIP credit facility’s maturity date from March 31 to April 30.
“This is a great day for Exide,” said Robert Caruso, president and CEO of Exide Technologies. “Thanks to the extraordinary hard work and focus of our dedicated employees and the tremendous support from our loyal customers, suppliers, key financial stakeholders and creditors, we are now poised to emerge successfully from Chapter 11 and implement our business plan. Upon consummation of the plan, we will have dramatically realigned our capital structure, and that substantial reduction in our debt level, along with the extensive operational restructuring we executed over the past nearly two years, positions Exide to continue to make and market our premier line of stored electrical energy products and solutions for our customers around the world.”